On 4 September, Marco was found guilty by unanimous verdict on 43 charges of fraud, totalling over $34 million relating to six investors following a five-week trial.
Almost two months later, Marco was sentenced to 14 years’ imprisonment by the Supreme Court of Western Australia on 30 October, with eligibility for parole after 12 years in 2037.
Marco’s sentence was backdated to 4 September, the date he was remanded in custody following the jury’s guilty verdict.
This is the highest sentence imposed by an Australian court regarding an ASIC investigation.
Marco was initially charged with 50 counts of fraud in July 2022 under section 409 of the Criminal Code (WA) following a four-year ASIC investigation.
At the time, it was alleged that Marco had obtained over $36.5 million from nine investors with “intent to defraud, be deceitful or fraudulent means”, according to ASIC.
The maximum penalty for each offence of fraud under the Criminal Code (WA) is seven years’ imprisonment or 10 years’ imprisonment if the person deceived is of or over 60 years of age.
Marco’s executive assistant, Linda Marissen, was also charged with 30 counts of fraud, but was later acquitted of all charges. The jury found there was insufficient evidence to be satisfied beyond reasonable doubt for 13 of the charges, while the remaining 17 were ruled “not guilty”.
ASIC had alleged that between February 2014 and October 2018, Marissen enabled or aided Marco to defraud more than $29.5 million from six investors.
Prior to this, ASIC had taken civil action in December 2020 to wind up the unregistered MIS operated by Marco and AMS Holdings (WA) Pty Ltd, the AMS Holdings Trust. At the same time, Marco was permanently restrained from carrying on a financial services business without an Australian Financial Services Licence (AFSL) or operating an unregistered MIS.
ASIC deputy chair Sarah Court said: “Today’s sentence finally puts an end to a distressing chapter for investors who were stung by Marco’s calculated and long-running deceitful practices.
“Marco’s case represents one of the most serious frauds ASIC has ever investigated. The sentence handed down by the Supreme Court today is the highest sentence imposed by an Australian court in relation to an ASIC criminal investigation. This sentence reflects the seriousness of Marco’s fraud and the impact it had on investors.
“The fraudulent conduct of Marco was deliberate, well executed and sustained. His misconduct relied on building and maintaining trust with clients over long periods of time. Marco significantly breached this relationship of trust. ASIC pursued this matter as part of our commitment to protect investors.”
The matter was investigated by ASIC and prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP).
